Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.

On this week’s Joe Knows Mortgages MINUTE, we answer the question:

What is a conventional loan?

A Conventional Loan is any loan that is not a government loan. An example of a government loan would be a VA loan, an FHA loan, or a USDA loan. These loans are all guaranteed or insured by the government.

There are two types of conventional loans: A conforming loan and a non-conforming loan.

A conforming loan would be those that meet the guidelines of Fannie Mae and Freddie Mac.

An example of a non-conforming loan would be a jumbo loan, or a bank portfolio loan, basically anything that does not meet Fannie and Freddie guidelines.

While this information can get very confusing, the best thing to do would be to contact a Mortgage Loan Originator at Morgan Financial to review your options and choose one best suited for your specific situation.

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